UniOil (fka UNLL)

[Renee]

(fka UNLL): REVISED announcement; effective date/time is still 4/24 @ 16:23 PM; for every 1 share of UNLL shareholders have the right to receive $1.91 per share

http://otce.finra.org/DLDeletions

[Renee]

UNLL acquired. FINRA deleted symbol:

http://otce.finra.org/DLDeletions

[dc_350]

WEEEEEEEEEEEEEEEE!!!!

lmao!

[RonZlats]

Well, the pain was short lived!!! What a DAY! Up over 300%!!!!

Petroleum Development Corporation to Acquire Unioil

BRIDGEPORT, W.Va., Oct. 20 /PRNewswire-FirstCall/ -- Petroleum Development Corporation (Nasdaq: PETD) today announced that it has reached an agreement with Unioil (OTC Pink Sheets: UNLL), an independent energy company with properties in northern Colorado and southern Wyoming, pursuant to which PDC will make a cash tender offer to acquire all of Unioil's outstanding shares (9,541,469) for $1.91 per share, for a total transaction cost of $18,224,206 (the 'Offer'). Currently, Unioil shareholders who collectively own approximately 82% of Unioil's outstanding shares, have agreed to tender their shares in the Offer. This acquisition is not considered suitable for treatment as 'Like-Kind Exchange' property and funds, as previously announced, held in trust by J.P. Morgan for PDC under Section 1031 of the Internal Revenue Code, will not be used to consummate the transaction.

PDC will commence the Offer no later than November 3, 2006. The Offer will remain open for at least twenty business days pursuant to applicable rules of the Securities and Exchange Commission. The Offer is subject to the satisfaction of certain customary closing conditions. Promptly following the termination of the offering period, PDC expects to acquire any Unioil shares not tendered in the Offer for cash in an amount equal to the Offer price. Upon completion of the merger Unioil will become a wholly-owned subsidiary of PDC.

'The acquisition of Unioil will further strengthen our position in the Denver-Julesburg Basin, and add future development potential for drilling and recompletion work,' said Steven R. Williams, PDC's Chief Executive Officer.

NOTICE TO INVESTORS

This announcement is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer for the outstanding shares of Unioil common stock described in this announcement has not commenced. At the time the offer is commenced, a subsidiary of PDC will file a tender offer statement with the Securities and Exchange Commission, and Unioil will file a solicitation and recommendation statement with respect to the offer. The tender offer statement (including an offer to purchase, a related letter of transmittal and other offer documents) and the solicitation and recommendation statement will contain important information that should be read carefully before any decision is made with respect to the tender offer. Those materials will be made available to Unioil's stockholders at no expense to them. In addition, all of those materials (and all other offer documents filed with the Securities and Exchange Commission) will be available at no charge on the Securities and Exchange Commission's Website at http://www.sec.gov.

'SAFE HARBOR' STATEMENT UNDER PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Statements made in this press release, including those relating to the expected form and timing of the acquisition, and all other statements in this release other than historical facts, are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Reform Act of 1995. Such statements involve risks and uncertainties, which may cause results to differ materially from those set forth in those statements. The acquisition (including the Offer and the merger) may not be completed on the terms summarized above or at all. In addition, the economic, competitive, governmental and other factors identified in PDC's and Unioil's filings with the Securities and Exchange Commission could affect the forward looking statements contained in this press release. Neither PDC nor Unioil has any obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this press release or to reflect the occurrence of anticipated events.

About Petroleum Development Corporation

Petroleum Development Corporation (www.petd.com) is an independent energy company engaged in the development, production and marketing of natural gas and oil. The Company operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan. During the third quarter of 2004, the Company was added to the S&P SmallCap 600 Index. Additionally, PDC was added to the Russell 3000 Index of companies in 2003.

Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although PDC believes the expectations reflected in such forward- looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, oil and gas prices, drilling program results, drilling results, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in the Company's reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.

[dc_350]

LOL!

I feel your pain!!!

GL!

[RonZlats]

What's worse, I was sold 5 shares at .56 the other day... just 5 shares! Add the commission to that and my cost is about $2.56 on those shares :( Figure that one out!

[dc_350]

Ok...who's the moron that just sold 130 shares at the bid...72 bucks...sheesh!

[RonZlats]

It was a nice 10Q, it looks like they have ample acerage to explore as well. The company even at $1 is trading at only 3 times book, which isn't bad compared to many of the other small E&P companies. The earnings of 3 cents for just one quarter gives it a nice low PE as well.

Nice that they got back a large block of stock as well. I think this company could really go places if they would get off the pink sheets! No reason why they can't as they are fully reporting.

[Churak]

UNLL Q out...nice...

[Churak]

UNLL - NT-Q

[Churak]

UNLL Q is due 08.15...should be a good one IMHO

[RonZlats]

Been picking up shares under 50 cents. I think this stock, if you compare to PYOL and others that have a good balance sheet and similar revenues should be higher than that. But, my opinion and what do I know?

[Churak]

No dilution for some time as far as I can see and no debt. Company appears to be not only self sustaining but building for the future from existing cash flows. Low float. Company files and appears to want to get off the pinkies. No outrageous salaries. Undiscovered gem, diamond in the rough, blah blah blah IMHO. But then again...there's The Churak Effect to consider...hmmm...

[RonZlats]

Dream, I agree. They did have a remarkable rise in revenues and they took a hit on short term expenses. Now is the time to do it IMHO. I think the fact that they filed also helped get the stock in gear. It's a small float, and we came close to $2 in one day. Amazing trading. I think some short term profits were taken, but it is a good company.

[Dream]

If it wasn't for this, the net income would have looked great but it looks like they are concentrating on opening more wells for future growth. It makes sense to me. I was lookin for a nice net income but we can't blame the company for using the income to open/fix more wells.

This one is really exciting to watch when volume comes in since the float is so small. I bought a ticket to the show Friday.


The Company’s second primary source of liquidity was cash flow from operations. For the quarter, the Company’s average monthly cash flow from operating activities was $149,760. This figure compares to average monthly cash flow from operating activities of $51,930 for the quarter ended March 31, 2005.

Of the $448,608 in costs of refracturing during the quarter, approximately $341,000 was incurred on wells refractured during the last two weeks of March. Consequently, the revenues associated with this work will be realized in subsequent periods. There was also a small increase in operating expenses associated with an increase in the number of wells that had reached payout under the 1996 Drilling Agreement with Prima Oil & Gas Company (the “Unioil/Prima Agreement”). See, Exhibits 10.1, 10.2, 10.3 and 10.4.


Results of Operations

The Company holds up to a 27.5% after-payout working interest in 43 wells drilled under the Unioil/Prima Agreement. At March 31, 2006, 27 of the 43 wells had reached payout. At March 31, 2005, 22 of the 43 wells had reached payout.



The Company’s revenues from oil and gas sales increased by $265,205 to $603,555 from $338,350 (as restated) for the quarters ended March 31, 2006 and 2005, respectively. This increase in revenues was attributable primarily to the increase in production resulting from the Company’s completion of a previously uncompleted zone in an existing well and to the refracturing of an existing zone in a second well in late 2005. In addition, the revenues increased because the Company participated in the drilling and completion of a well with Petro-Canada, which acquired Prima Oil & Gas Company in November, 2004, although that well was not subject to the original Unioil/Prima Agreement. Revenues also increased as a result of: (1) the refracturing of five wells operated by Petro-Canada; (2) the wells drilled in previous years that had reached payout under the Unioil/Prima Agreement; and (3) increases in the prices of oil and natural gas.

Costs of production increased by $500,523 to $585,359 from $84,836 for the quarters ended March 31, 2006 and 2005, respectively. This increase in production costs is primarily attributable to the Company’s expenditure of $448,608 in the refracturing of five existing oil-and-gas wells during the first quarter of 2006. Of these amounts, $341,157 was expended on the refracturing of two Unioil operated wells and $107,451 on refracturing of wells operated by another operator.

The Company’s general and administrative expenses decreased by $37,536 to $114,858 from $152,394 (as restated) for the quarters ended March 31, 2006 and 2005, respectively. The decrease is attributable primarily to decreases in consulting fees.

Depreciation, depletion and amortization expenses increased by $15,974 to $61,962 from $45,988 (as restated) for the quarters ended March 31, 2006 and 2005, respectively. This increase is primarily a result of increases in the production from existing wells and the additional production from the wells that had reached payout under the Unioil/Prima Agreement.

Interest and other expenses were $102 compared to $133 for the quarters ended March 31, 2006 and 2005, respectively. The decrease in these expenses is attributable primarily to the reduction in the outstanding balance of the Company’s indebtedness to Ford Credit Corporation on a Company owned vehicle.

The Company realized a decrease in net income of $132,482 to a net loss of $96,147 for the quarter ended March 31, 2006, as compared to net income of $36,335 (as restated) for the corresponding period of 2005. The decrease in net income for the quarter ended March 31, 2006,

[RonZlats]

Nice to see it over $1. Very thin trader, but unless you look at a stock screener and most of them won't show this company, it's totally undiscovered. Maybe another PYOL in the makin' if held long enough.... I can only hope, but it doesn't look like it will be easy to buy in more shares.

Thanks for looking at it!

[DFLY]

Movin.)eom

[DFLY]

Of the currently issued and outstanding shares of common stock of the Company, approximately 7,802,000 shares (approximately 78% of the total number of shares outstanding) are owned by, or are under the direct or indirect control of, only two individuals

Very nice.Read the 10k about the old wells coming up too.Looks like a classic turnaround situation huh?Good looking out.DF

[DFLY]

Ron doing my dd now.Looks pretty good.Will watch for bottom or top whatever.GL DF